Mortgage Rates Hit Highest Level in 23 Years
The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s Chief Economist. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”
News Facts
- The 30-year fixed-rate mortgage averaged 7.31 percent as of September 28, 2023, up from last week when it averaged 7.19 percent. A year ago at this time, the 30-year FRM averaged 6.70 percent.
- The 15-year fixed-rate mortgage averaged 6.72 percent, up from last week when it averaged 6.54 percent. A year ago at this time, the 15-year FRM averaged 5.96 percent.
Houses that are priced, presented & marketed correctly are selling fast.
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